Major UK kitchens firm closing 15 'under-performing' stores - full list

Major UK kitchens firm closing 15 'under-performing' stores - full list The firm which has 159 showrooms is carrying out the closures as part of a restructuring programme A leading chain has revealed that 15 of its showrooms are set to shut as part of efforts to stabilise the company's financial position. The kitchen retailer has confirmed it will be closing several "under-perfoming" sites as part of a company voluntary arrangement (CVA) restructuring process. Magnet explained the decision was necessary to tackle "property costs that are no longer sustainable. While it did not say how many workers would be affected it said affected staff " While the firm hasn't disclosed the exact number of employees affected, it stated that impacted workers "will be supported throughout and suitable alternative roles within the business will be offered wherever possible." The majority of the brand's 159 outlets will remain unaffected by the restructuring and will carry on trading as usual. The plans require creditor approval. Sophie Rose, chief executive of Magnet Group, commented: "This is a difficult decision and not one we have taken lightly, particularly where colleagues may be impacted. But taking this action now is the right thing to do for the long-term health of Magnet Group. "It allows us to deal with property costs that are no longer sustainable and protect the stronger parts of our estate. I am confident these proposals will help Magnet Group build a stronger, more resilient business that is better placed to serve customers, support partners and return to sustainable profitability.", reports Yorkshire Live. Magnet was established by Tom Duxbury in 1918, starting life as a joinery firm in Bingley, Yorkshire. Tom christened his enterprise after his cherished horse, Magnet, and maintained a thoughtful approach alongside an unwavering dedication to quality. In Tuesday's announcement, Magnet confirmed it will move any customer orders to the nearest alternative store if their local branch shuts. The company has revealed the details of the 15 stores set to close. Full list of closing stores - Andover, Hampshire - Birmingham Minworth, West Midlands - Blackburn, Lancashire - Bridgwater, Somerset - Brighton, East Sussex - Colwyn Bay, Wales - Dorking, Surrey - Farnborough, Hampshire - Ramsgate, Kent - Romford Trade, Greater London - Stirling, Scotland - Stockton, County Durham - Watford, Hertfordshire - Weymouth, Dorset - York Trade, North Yorkshire